In the IMF Agreement, the Memorandum of Economic and Financial Policies (MEFP¶ 17) strategic investments are thoroughly outlined. The investments include specific growth projects in areas where Jamaica has a competitive advantage. These areas of competitive advantage will be improved and supported via specific initiatives such as the implementation of initiatives to reform the energy sector.
One of the main energy sector plans is to commission and construct a 360 Megawatt Combined Cycle plant by 2015. The primary purpose of this investment is to diversify Jamaica’s energy sources from oil to gas based and renewable sources. The desired outcome is to reduce the cost of energy and slash the country’s oil bill.
Is the proposed deadline of completion by 2015 at risk? Find out by reading more about the recent delay and the grievances that the major players in the private sector (Jamaica Manufacturers’ Association (JMA), the Jamaica Chamber of Commerce (JCC), and the Private Sector Organisation of Jamaica (PSOJ)) are expressing in regards to the project.
For more information on the IMF Agreement check out diGJamaica’s IMF Special Report. Fueled by research it is the first and only online information portal about Jamaica’s relationship and interaction with the IMF, providing valuable news, data, timelines and resources.
August 16, 2013 UPDATE: In its bid to win the contract for the 360 megawatt project, Azurest Cambridge Power has made a number of bold promises including slashing the cost of electricity by 50% and proposing investments towards scholarships among other things. Read more here.
August 9, 2013 UPDATE: Following the opening of bids on August 8, 2013, it is revealed that three companies have joined forces to become the preferred the bidder. Read more here.
August 7, 2013 UPDATE: The Minister of Science, Technology, Energy and Mining Phillip Paulwell gives assurance that the August 8, 2013 deadline for the receipt of proposals by the Office of Utilities and Regulation (OUR) will be met. Read more here.
August 2, 2013 UPDATE: Under a lot of pressure for removing the requirement of an upfront bond to be posted by bidders upon submission of their proposals for the 360 megawatt project, the OUR speaks out in its defense. Read more here.